TotalEnergies SE (EU:TTE) announced Monday that it will divest a 40% interest in two offshore oil and gas exploration licences in Nigeria to Star Deep Water Petroleum, a subsidiary of Chevron Corp (NYSE:CVX).
The agreement covers licenses PPL 2000 and PPL 2001 in the West Delta basin, originally awarded to a partnership between TotalEnergies and Nigeria’s South Atlantic Petroleum. Following the transaction, TotalEnergies will retain a 40% ownership stake and remain the operator of both blocks. The deal remains subject to regulatory approval, and financial terms were not disclosed.
This latest move builds on an earlier transaction completed this year, in which TotalEnergies acquired a 25% stake in several Chevron-operated offshore exploration areas near the U.S. coast.
“After launching our joint venture in U.S. offshore exploration in June, we’re delighted to now expand our collaboration to Nigeria to unlock new resources in the West Delta basin,” said Nicola Mavilla, senior vice-president of exploration at TotalEnergies.
The announcement comes as both companies continue reshaping their global portfolios and deepening strategic cooperation in priority exploration regions.